Peanut Corporation uses the periodic inventory system. During its first year of operations, Peanut made the following purchases (listed in chronological order of acquisition): 40 units at $91 per unit 73 units at $79 per unit 172 units at $62 per unit Sales for the year totaled 271 units, leaving 14 units on hand at the end of the year. Ending inventory using the LIFO method is:

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...
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Peanut Corporation uses the periodic inventory system. During its first year of
operations, Peanut made the following purchases (listed in chronological order of
acquisition):
40 units at $91 per unit
73 units at $79 per unit
172 units at $62 per unit
Sales for the year totaled 271 units, leaving 14 units on hand at the end of the year.
Ending inventory using the LIFO method is:
Transcribed Image Text:Peanut Corporation uses the periodic inventory system. During its first year of operations, Peanut made the following purchases (listed in chronological order of acquisition): 40 units at $91 per unit 73 units at $79 per unit 172 units at $62 per unit Sales for the year totaled 271 units, leaving 14 units on hand at the end of the year. Ending inventory using the LIFO method is:
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